SAN ANTONIO – The housing market in San Antonio has been white-hot over the last couple of years and it has led to major increases in home prices.
High demand and low mortgage rates have created a local real estate market where 99.5% of homes sold at or above the list price in October, according to the San Antonio Board of Realtors (SABOR).
Over the last three years, some San Antonio area ZIP codes have seen increases of 40-50% in median home sale prices, according to statistics from the real estate marketplace company Zillow.
These numbers are moving faster than the national average, which is around 32%, based on numbers provided by the Case-Shiller U.S. National Home Price Index.
Based on current market prices, these are the top 12 ZIP codes with the highest percentage increase in median home sales price in the San Antonio area over the last three years:
- 78207 - 50.89%
- 78202 - 42.56%
- 78226 - 42.2%
- 78237 - 41.6%
- 78255 - 41.41%
- 78210 - 39.32%
- 78073 - 39.2%
- 78246 - 38.3%
- 78203 - 38.25%
- 78211 - 37.99%
- 78002 - 37.92%
- 78220 - 37.88%
A more comprehensive look at changes in San Antonio area median home prices can be seen in the interactive graphic below:
Many of the ZIP codes with the biggest increases in median sale prices are in the lowest income areas of the city.
Take 78207 — the median income among residents is about half the median income of San Antonio as a whole.
Increasing prices might be good for current homeowners looking to sell their homes but it isn’t good news for everyone.
Digital homeownership platform Knock found that approximately 49% of households in our area would not qualify for a mortgage on a median-priced new home based on their income.
It would take 12 years for a San Antonio area homebuyer to save for a 6% down payment on a median-priced new home, according to Knock’s findings.
The home prices in this article are based on data from Zillow, which uses data from public property records, tax records, recent home sales in the area, and user-submitted information to come up with an approximate market value for a home — whether it’s on the market or not.
The data often differs from SABOR’s statistics because SABOR only uses data from homes that are currently listed or recently sold.
According to SABOR data, October’s median sales price of a home was $305,400, up from $259,500 in October 2020. That’s an 18% increase city-wide and the first time ever that the median home price in San Antonio has exceeded $300,000.